Audit Committee Commentary Report - Audit of the Midyear Financial

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• Publié par: Chiwyog
• Nombre de lectures: 37
• Langue: English

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Audit of the Midyear Financial Reports for Toastmasters Intl. District 55

January 24, 2010

District 55 Treasurer:

Tonia Norman, DTM

Audit Committee:

Gypsy Ramsey, DTM, chair

Jo Condrill, DTM, PID

Desi Mora, DTM

The audit committee met on January 24, 2010 at the San Marcos Library to review the

first six months (July 2009-Dec 2009) financial records and Midyear Audit for

Toastmasters International District 55 for the fiscal year 2009-2010.

The fiduciary duties

of the Audit Committee are:

•

To ensure that the audit accurately reflects district income and expenses.

•

That all district expenses be documented with proper approvals and receipts.

•

The records are accurate and appropriate.

We reviewed the treasurer’s reports, midyear audit report, bank statements; cash receipt

documents and cash disbursement documents.

We did a random sampling of documents

to look for proper approvals and receipts.

We found only one document that did not

have a signature on it, but there was an email giving authorization to pay the voucher.

We suggest that the document be signed so there will be authorization on the payment

request form in case the email gets separated.

Below are the other findings and recommendations of the committee.

1.

The income from the Raffle and Auctions is currently listed under other income in

the budget, but we feel that it should be reflected as a reduction against the

Conference budget since the purpose of the raffle is to offset conference costs and

that is where the actual funds and expenses have been reflected.

2.

There seemed to be a large amount of funds used for the “Jack Rabbit Dash”.

We

suggest that a member survey is conducted to see what really would motivate

members to get new members to join and see if the costs for running this can be

significantly reduced while still motivating participation in the contest.

3.

There is a large budget under Marketing and Communications and Public

Relations which we were told was for the improvement of the website.

As of

today, no plan has been submitted for approval.

This needs to be revisited.

4.

Over 50% of the budget for speech contests has been spent, but only trophies for

the Fall Contests have been ordered.

We suggest that all trophies for the entire

year be ordered at the beginning of the year to save costs of shipping and ensure

there are adequate funds to pay for the spring contests.

5.

The Leadership Institute budget is broken out as a separate item on the budget

instead of being included under the Education and Training budget as in prior

years.

Expenses for the officer training have been division sponsored and not TLI

related for the first six month period. More funds will be spent in the second part

of the year for

TLI events to use the Leadership Institute budget.

6.

TI is a sales tax exempt organization, but members have been reimbursed for tax

on items they have purchased.

Members should obtain a tax exempt letter prior to

purchasing items for District 55, especially big ticket items.

7.

Engraving for trophies has been done locally, but no bid solicitation process has

been used.

There needs to be at least 2 local bids on services like this to ensure

that the district is getting the best price.

8.

Over 50% of the travel budget has been expended already in the first six months.

This is primarily due to a significant amount of travel by Division G staff( area

and division governors) to visit their clubs and attend club and division contests

and training sessions.

It is also for attending District Executive Committee

meetings. The District Governor has taken notice of this and has notified the

Division G staff that for the second half of the year the district would only

reimburse them for one trip to each of their clubs and that any other travel they

make to their clubs will not be eligible for reimbursement from the District.

When doing the annual budget, location of the conferences for the year also needs

to be considered so that the travel budget covers all travel that will be necessary

for that year.

The audit committee would like to thank Treasurer, Tonia Norman, DTM, for her

excellent record keeping.

It was very organized and made the job very easy and

efficient.

Sincerely,

Gypsy Ramsey, DTM

Audit Chair